Bezeq Israel Telecommunications Company Ltd. (TASE:BZEQ has withdrawn from the acquisition of telecommunications infrastructure company Exelera (formerly Tamares Telecom) from Aluma Infrastructure Fund (TASE: ALUMA). This comes just two months after the announcement that a memorandum of understanding (MoU) had been signed to buy the company, which owns an underwater cable linking Israel to Europe for $160 million.
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Bezeq said it had decided to give up on the deal, following its inability to “bring about the completion of the agreement.” The company added that it plans to continue “examining and promoting the issue of new regional submarine cables.”
For Aluma, which is managed by Ori Yogev (chairman), former head of the budget department at the Ministry of Finance and director of the Government Companies Authority, this is a major disappointment. If the agreement had been completed, Aluma would have recorded a 190% return on its investment, in just 4 years.
Aluma was founded five years ago. It currently has four companies in its portfolio: Exelera, Tibar Communication Towers, energy efficiency company Esco Israel, and environment and waste treatment company Chen Hamakom.
The fund bought its shares in Exelera (formerly Tamares Telecom) from Poju Zabludowicz in 2021 and 2023 for cash and shares. The transactions made Zabludowicz the largest shareholder in Aluma, with a 20% stake.
Since the start of the year Aluma’s share price has risen 92% and the stock is up 145% over the past year, giving a market cap of NIS 252 million.
Published by Globes, Israel business news – en.globes.co.il – on September 16, 2025.
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